Friday, February 18, 2011

Goodrich: Shifting Focus Away from the Haynesville

Goodrich Petroleum reported its fourth quarter results yesterday.  I'll spare you the numbers but to say that the Haynesville Shale accounted for 55% of the company's Q4 production and 51% of its 2010 production.  But, in a story that will be repeated frequently, the company's focus is shifting away from the Haynesville this year.  In Goodrich's case, it is shifting to the Eagle Ford Shale, where the company will spend 62% of its planned $235 2011 capital budget.  Only $52 million, or 22%, is reserved for the Haynesville Shale ($28 million in Louisiana and $24 million in the Angelina River Trend area in Texas).  

In its operational update, the company reported three completions that have not yet hit the state systems:

Texas:

  • R. Dean Hay GU #1H, Goodrich Petroleum: 5.7 MMcf/day IP, 20/64" choke; Carthage Field (Haynesville Shale), Shelby Co., Survey: PENNINGTON, S O, A-555
  • R. Dean Hay (SL) GU #2H, Goodrich Petroleum: 8.6 MMcf/day IP, 16/64" choke; Carthage Field (Haynesville Shale), Shelby Co., Survey: PENNINGTON, S O, A-555

Louisiana:

  • Edgar Cason 14 H #1, Goodrich Petroleum: 14.9 MMcf/day IP on 18/64 in. choke at 8,600 psi; Thorn Lake Field, Red River Parish, S11/T14/R11; res. non-unit, serial #242026

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